Pages in category “May 16, 2010”

A two goal burst from Lukas Podolski in the first 12 minutes put Germany through to the quarter-finals of the Fifa World Cup, Saturday.

Sweden did not get into the round of sixteen game against the host nation and were not helped when Teddy Lucic was sent off before half time. Lucic had tugged Miroslav Klose’s shirt to stop a dangerous run, and received his second yellow card on a controversial call.

Podolski scored the goals but the supremacy on the field was due to captain Michael Ballack who, with his passes from midfield, controlled the game for the Germans. Klose was influential next to young Podolski in attack, setting up both goals.

In the fourth minute, Klose turned and split two Swedish defenders just outside the box. His shot was blocked by Andreas Isaksson, but Podolski was there to put in the rebound. Soon thereafter, Klose occupied three Swedish defenders with a run across the penalty area, sent a reverse ball into the centre and Podolski converted for his second goal of the match.

Jürgen Klinsmann’s side did not hesitate to shoot; they kept 63 per cent of possession and Ballack dominating many chances were created. Germany had 21 more shots than Sweden in the game. Isaksson made some outstanding one-handed saves to keep the score at 2-0, from Klose and a Ballack effort which he tipped onto his right post.

Lars Lagerback’s side played with just ten men in the second half but they nearly got the perfect start with a penalty after Christoph Metzelder pushed Henrik Larsson from behind. This was the referee’s second disputed call, after sending off Lucic. Larsson took the spot kick but the 35 year old Swedish star shot just over the crossbar.

Argentina, the winner of match 50 versus Mexico, would meet the hosts in the quarter-finals of the World Cup.

Contents

On January 26, 2006, a massive boycott of dairy produce from Arla Foods started in Saudi Arabia over what is perceived as a Danish attack on Muslim values. The Saudi ambassador to Denmark has been recalled for consultations.

The Danish/Swedish dairy company Arla is facing a massive loss after a spreading boycott of its produce in Saudi Arabia. Four Saudi retail chains have already removed Arla products from the shelves. One retail chain has placed yellow warning tape (common fare for accidents and crime scenes) over Arla products. There have been cases reported of Arla delivery trucks being attacked by stones thrown from bystanders. Marianne Castenskiold, a senior consultant for Dansk Industri, expressed a fear that the boycott will spread to other countries in the region and have detrimental effects on other Danish products. Denmark is one of the leading exporters of agriculture in northern Europe, whose economy is heavily dependent on foreign trade and investment.

The boycott has been announced at Friday prayer services in Saudi mosques since January 20, 2006, obviously helping to foment popular support of the nation’s response to Denmark’s alleged ignorance of Muslim values. On at least one occasion, a delivery truck has been greeted by thrown stones.

The boycott is a response to the publication of an article in a major Danish newspaper, Jyllands-Posten. In its September 30, 2005 issue, the paper printed 12 drawings of the Muslim prophet Muhammed, as a response to previous news reports that the publisher of a forthcoming childrens’ book about the prophet had had difficulty in finding an illustrator, due to fear of extremist reactions; drawings of the prophet are prohibited by Islamic Law (see aniconism). In an attempt to start a debate over freedom of speech in Denmark, the newspaper printed 12 drawings of the prophet. Four of these were of a satirical nature, with one showing the prophet with a turban hiding a lit bomb.

The immediate reactions to the publication of the drawings included ambassadors from 12 Muslim countries demanding that the Danish Prime Minister, Anders Fogh Rasmussen, denounce the newspaper. Rasmussen rejected this demand, stating that “Danish freedom of speech does not allow the government to control what newspapers print”. He further noted that the only possible legal action against the newspaper would be one under the charge of blasphemy.

A debate ensued over the following months about freedom of speech and its value in relation to avoiding religious taboos. In mid-December 2005, a delegation from several Danish Muslim organizations went on a tour in several Middle-Eastern and Arabic countries, reportedly to gain sympathy for their point of view. Several reports state that during the tour the difficulties faced by Muslims in Denmark were grossly overstated.

Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.

After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.

S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.

Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.

Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.

The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.

Contents

1 The offences

2 About Satyam Computer Services

3 Impact on Satyam Computer Services finances and reactions

4 Related news

5 Sources

In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.

On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.

The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.

In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).

Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.

New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.

In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.

India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.

“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.

In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.

The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.

Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.

Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.

Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.

A team of eight transplantsurgeons in Cleveland Clinic in Ohio, USA, led by reconstructive surgeon Dr. Maria Siemionow, age 58, have successfully performed the first almost total face transplant in the US, and the fourth globally, on a woman so horribly disfigured due to trauma, that cost her an eye. Two weeks ago Dr. Siemionow, in a 23-hour marathon surgery, replaced 80 percent of her face, by transplanting or grafting bone, nerve, blood vessels, muscles and skin harvested from a female donor’s cadaver.

The Clinic surgeons, in Wednesday’s news conference, described the details of the transplant but upon request, the team did not publish her name, age and cause of injury nor the donor’s identity. The patient’s family desired the reason for her transplant to remain confidential. The Los Angeles Times reported that the patient “had no upper jaw, nose, cheeks or lower eyelids and was unable to eat, talk, smile, smell or breathe on her own.” The clinic’s dermatology and plastic surgery chair, Francis Papay, described the nine hours phase of the procedure: “We transferred the skin, all the facial muscles in the upper face and mid-face, the upper lip, all of the nose, most of the sinuses around the nose, the upper jaw including the teeth, the facial nerve.” Thereafter, another team spent three hours sewing the woman’s blood vessels to that of the donor’s face to restore blood circulation, making the graft a success.

The New York Times reported that “three partial face transplants have been performed since 2005, two in France and one in China, all using facial tissue from a dead donor with permission from their families.” “Only the forehead, upper eyelids, lower lip, lower teeth and jaw are hers, the rest of her face comes from a cadaver; she could not eat on her own or breathe without a hole in her windpipe. About 77 square inches of tissue were transplanted from the donor,” it further described the details of the medical marvel. The patient, however, must take lifetime immunosuppressive drugs, also called antirejection drugs, which do not guarantee success. The transplant team said that in case of failure, it would replace the part with a skin graft taken from her own body.

Dr. Bohdan Pomahac, a Brigham and Women’s Hospital surgeon praised the recent medical development. “There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Leading bioethicistArthur Caplan of the University of Pennsylvania withheld judgment on the Cleveland transplant amid grave concerns on the post-operation results. “The biggest ethical problem is dealing with failure — if your face rejects. It would be a living hell. If your face is falling off and you can’t eat and you can’t breathe and you’re suffering in a terrible manner that can’t be reversed, you need to put on the table assistance in dying. There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Dr Alex Clarke, of the Royal Free Hospital had praised the Clinic for its contribution to medicine. “It is a real step forward for people who have severe disfigurement and this operation has been done by a team who have really prepared and worked towards this for a number of years. These transplants have proven that the technical difficulties can be overcome and psychologically the patients are doing well. They have all have reacted positively and have begun to do things they were not able to before. All the things people thought were barriers to this kind of operations have been overcome,” she said.

The first partial face transplant surgery on a living human was performed on Isabelle Dinoire on November 27 2005, when she was 38, by Professor Bernard Devauchelle, assisted by Professor Jean-Michel Dubernard in Amiens, France. Her Labrador dog mauled her in May 2005. A triangle of face tissue including the nose and mouth was taken from a brain-dead female donor and grafted onto the patient. Scientists elsewhere have performed scalp and ear transplants. However, the claim is the first for a mouth and nose transplant. Experts say the mouth and nose are the most difficult parts of the face to transplant.

In 2004, the same Cleveland Clinic, became the first institution to approve this surgery and test it on cadavers. In October 2006, surgeon Peter Butler at London‘s Royal Free Hospital in the UK was given permission by the NHS ethics board to carry out a full face transplant. His team will select four adult patients (children cannot be selected due to concerns over consent), with operations being carried out at six month intervals. In March 2008, the treatment of 30-year-old neurofibromatosis victim Pascal Coler of France ended after having received what his doctors call the worlds first successful full face transplant.

Ethical concerns, psychological impact, problems relating to immunosuppression and consequences of technical failure have prevented teams from performing face transplant operations in the past, even though it has been technically possible to carry out such procedures for years.

Mr Iain Hutchison, of Barts and the London Hospital, warned of several problems with face transplants, such as blood vessels in the donated tissue clotting and immunosuppressants failing or increasing the patient’s risk of cancer. He also pointed out ethical issues with the fact that the procedure requires a “beating heart donor”. The transplant is carried out while the donor is brain dead, but still alive by use of a ventilator.

According to Stephen Wigmore, chair of British Transplantation Society’s ethics committee, it is unknown to what extent facial expressions will function in the long term. He said that it is not certain whether a patient could be left worse off in the case of a face transplant failing.

Mr Michael Earley, a member of the Royal College of Surgeon‘s facial transplantation working party, commented that if successful, the transplant would be “a major breakthrough in facial reconstruction” and “a major step forward for the facially disfigured.”

In Wednesday’s conference, Siemionow said “we know that there are so many patients there in their homes where they are hiding from society because they are afraid to walk to the grocery stores, they are afraid to go the the street.” “Our patient was called names and was humiliated. We very much hope that for this very special group of patients there is a hope that someday they will be able to go comfortably from their houses and enjoy the things we take for granted,” she added.

In response to the medical breakthrough, a British medical group led by Royal Free Hospital’s lead surgeon Dr Peter Butler, said they will finish the world’s first full face transplant within a year. “We hope to make an announcement about a full-face operation in the next 12 months. This latest operation shows how facial transplantation can help a particular group of the most severely facially injured people. These are people who would otherwise live a terrible twilight life, shut away from public gaze,” he said.

There are two accounts in which fears of war crimes have been raised. In one, an Israeli commander ordered the killing of an old woman walking down a road and coming within 100 metres of an IDF position. There was no warning that a perimeter existed, no attempt was made at a warning and no attempt was made to ascertain as to whether the old woman posed a threat.

…we should kill everyone there…Everyone there is a terrorist.

In a second account a woman and her two children were killed by a sniper when she was ordered to leave a building being occupied by Israeli soldiers. The commander of the unit commandeering the building however failed to inform a sniper placed on a roof top and the three were killed according to standing instructions issued to the sniper.

In addition to specific cases, the veterans spoke of a general contempt towards the Palestinians, and disregard for their lives. One squad leader speaking at the military academy said that the attitude of those both above and below was that”…we should kill everyone there [in…Gaza]. Everyone there is a terrorist.” With his immediate commanding officer advocating the clearing of buildings by shooting all within without warning.

An Israeli spokes person speaking to the BBC said that the incidents spoken of were well known within the brigade responsible and that any actions that took place were within its rules of engagement, however in response to the accusations the Military Advocate General of the IDF, Brigadier General Avichai Mendelblit has instructed the Israeli Military Police Investigation unit to investigate the allegations.

Talking to Israel Radio Israeli Minister of DefenseEhud Barak said that the IDF is “…the most moral army in the world” though individual exceptions may have occurred, and that these would be investigated.

Others in Israel whilst not denying that these incidents might have occurred speak of lack a context in which they have been reported.

Internationally the accusations are not seen as individual soldiers being responsible for war crimes but that war crimes may have been committed by the Israeli military as a whole, that its rules of engagement were drafted and implemented in such a way that they failed to sufficiently distinguish between combatants and civilians.

In response to the allegations Richard Falk, the UN special rapporteur for human rights in the Palestinian territories, said that the Geneva Conventions required that there had to be a clear distinction between military targets and the civilian population and that “…If it is not possible to do so, then launching the attacks is inherently unlawful and would seem to constitute a war crime of the greatest magnitude under international law…”

If it is to have indeed failed to protect the lives of Palestinian civilians then the Israeli military not only violated international law but its own moral code of conduct as outlined in its tenet of purity of arms.

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

Contents

1 Stock markets

1.1 Dow Jones Industrial Average

1.2 FTSE 100

1.3 Nikkei 225

2 International reaction

2.1 George W. Bush

2.2 Gordon Brown

2.3 Jim Flaherty

3 Market data

4 Sources

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

The Prime Minister of New Zealand, Helen Clark, yesterday unveiled Kiwi Advanced Research and Education Network (KAREN). It is super high speed Internet that is capable of transmitting data with speeds of up to ten gigabits per second, 10,000 times faster than the current speed of broadband (1Mbps), and 200,000 times faster than dial-up.

The New Zealand Government put NZ$43 million ($28.1 million USD) into the Crown company: Research and Education Advanced Network of New Zealand (REANNZ) organization, responsible for the running of KAREN.

KAREN will link universities and research institutions in Auckland, Hamilton, Palmerston North, Wellington, Christchurch, Dunedin, Hawkes Bay, Nelson and Rotorua and then to the rest of the world via a TelstraClear fibre optic cable.

The network will allow geologists/geophysicists to access U.S. data on fault lines, 3D modellers the ability to collaborate on international mapping projects and students will be able to participate in interactive video lectures with experts, anywhere in the world.

The technology so far is limited to just universities and research institutions but Minister for Education Steve Maharey said: “The network will be extended over time to include other institutions, including schools, libraries and museums.” It is also limited to just one university in the South Island, it is located in the HIT Lab NZ at the University of Canterbury.

Clark said: “The link is crucial in order to attract and retain scientists, because it allows a greater level of real time collaboration between scientists based in New Zealand, and their colleagues around the world.”

The Telecommunications’ Users Association of New Zealand chief executive, Ernie Newman, said: “Karen was a ‘great initiative’ for the science community, and that would have wider benefits for the country.”

Dr. Mark Billinhurst, HIT Lab director, said: “The network meant the country was now legitimately part of the international research community.”

John Comparetto, a retired New York City Police Department lieutenant, was held at gunpoint on Friday morning by an armed nineteen year old in a hotel bathroom who demanded Comparetto’s money and cellphone.

Comparetto handed over both to the thief. When the criminal took off with the money, Comparetto drew his gun from an ankle holster and immediately chased after the robber. Comparetto asked the hotel desk clerk which way the suspect went, and told the clerk to alert officers at a police convention that a fellow policeman was “in need of assistance”.

A police officer’s convention was being held at the Holiday Inn near Harrisburg Friday for 300 narcotics police officers in attendance from Pennsylvania and Ohio.

The teen departed the scene in a taxi cab outside the hotel.

Comparetto said, “I stopped the cab at gunpoint. Ten other cops came running out and we arrested probably the dumbest criminal in Pennsylvania.”

Jerome Marquis Blanchett is being held at Dauphin County Prison following his arrest.